Garden Reach Shipbuilders & Engineers Ltd, one of the major shipbuilding entities listed on the equity markets, had an underwhelming day. The company shares that traded in red for most of the day ended with a major decline.
Garden Reach Gets 'Buy' Call
This development at Dalal Street came to pass after the company received a 'Buy' call or 'Buy' rating from broking agency Antique.
The brokerage firm, in its analysis, said that the Kolkata-based government-owned shipbuilding company has a strong order book position and that its execution of its existing orders could eventually lead to steady growth in the company's fortunes.
In addition, Antique Broking also said that Garden Reach order book stood at Rs 25,230 crore. Apart from this, major projects were on track to execution.
The broking firm maintained a 'Buy' rating with a target price of Rs 2,092 per share.
Shares Dip Despite Buy Call
In the past month of trade, the company stock price dropped by 9.99 per cent or Rs 191.95. |
The overall picture of the company's equity market performance looks rather grim. The company shares have lost 2.75 per cent of their value in just the past 5 trading sessions. Furthermore, the lean patch looks even greater when we look at the monthly numbers. In the past month of trade, the company stock price dropped by 9.99 per cent or Rs 191.95.
Today's Performance
The figures continued to disappoint in the intraday trade on Tuesday, September 17 as well. The company shares, which mostly traded in red, ended the day's proceedings with a mammoth decline of 1.25 per cent or Rs 21.85.
This took the overall price of each individual share to Rs 1,729.70. This number is far below the rating call target by Antique broking.
It is interesting to note, that the shares of the other two major publicly owned shipbuilding companies also declined. The shares of Cochin Shipyard Ltd declined by 1.84 per cent or Rs 33.05, taking the overall price to Rs 1,761.25. In addition, stock value of Mazagon Dock Shipbuilders Ltd also dipped Rs 4,189.00 per share. This decline was a result of drop of 1.45 per cent or Rs 61.55.
